ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy underperformed its benchmark index. The overall stock selection impacted the performance of the strategy in the quarter. The strategy also posted losses in nine sectors among the 11 sectors it invested in. IT and healthcare sectors were the primary detractors of the strategy. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Investments highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the Q3 2022 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) is a global graphics, and compute and networking solutions provider. On November 4, 2022, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $141.56 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 20.22% and its shares lost 52.42% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $352.768 billion.
ClearBridge Investments made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2022 investor letter:
“Likewise, graphics chip maker NVIDIA Corporation (NASDAQ:NVDA) (-19.9%) has struggled through the post-COVID-19 recovery but maintains dominant positions in key secular growth markets of AI and gaming. The company has significantly underperformed the index and semiconductor peers recently due to a gaming inventory correction, a decline in aggregate cryptocurrency demand and reduction in crypto mining intensity as well as concerns around the sustainability of data center sales.
We tactically trimmed our position early in 2022 due to concerns around these cycle dynamics but remain confident in the company’s long-term prospects.”
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in 28th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the second quarter which was 102 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the stock picks of elite hedge funds for a growth stock portfolio. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
